Expansion of Premises Sample Clauses
The Expansion of Premises clause allows for the addition of extra space or facilities to the existing leased premises during the term of a lease agreement. Typically, this clause outlines the conditions under which the tenant may lease additional square footage, such as notification requirements, rental rates for the new space, and the process for amending the lease to reflect the expansion. Its core practical function is to provide flexibility for tenants whose space needs may grow over time, while also giving landlords a clear framework for accommodating such requests and adjusting lease terms accordingly.
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Expansion of Premises. (a) Effective as of the Expansion Date the Premises (and the definition of the “Premises”) shall be modified to mean and include both the Initial Premises and the Expansion Premises. As a result of such expansion, effective upon the Expansion Date, the deemed square footage of the Premises shall be and become 31,684 square feet and Tenant’s Prorata Share and Tenant’s Share of Expenses and Real Estate Taxes shall be one hundred percent (100.00%).
(b) If Landlord, for any reason whatsoever, cannot deliver possession of the Expansion Premises to Tenant on before August 1, 2012 for the purpose specified in Section 3(c), this Amendment shall not be void or voidable, Landlord shall not be liable to Tenant for any loss or damage resulting therefrom, and Tenant shall have no obligation to pay monthly Base Rent or Additional Charges with respect to the Expansion Premises until the day following the date on which possession of the Expansion Premises is delivered to Tenant (such date thereupon becoming the “Expansion Date” for purposes of this Amendment). Notwithstanding the foregoing, if Landlord is unable to deliver the Expansion Premises by August 1, 2012 (as extended day-for-day for each day of Force Majeure Delay) (the “Expansion Premises Outside Delivery Date”), then Tenant shall have the right, as its sole remedy, to terminate this Amendment to Lease by providing written notice to Landlord within fifteen (15) business days following the Expansion Premises Outside Delivery Date, in which event the Lease shall continue in full force and effect as if the parties had not entered into this Amendment and Landlord shall promptly return to Tenant the August, 2012 Base Rent for the Expansion Premises paid by Tenant pursuant to the provisions of Section 6(d). For purposes hereof, the failure of the existing tenant of the Expansion Premises to vacate the Expansion Premises shall not be an event of Force Majeure Delay.
(c) Notwithstanding the above, Tenant shall be entitled to early occupancy of the Expansion Premises at any time after the Expansion Premises Delivery Date for the sole purposes of (1) installing Tenant’s furniture and telephone and other communications cabling and (2) performing Tenant’s Expansion Work (defined below), provided that (i) Tenant covenants and agrees that Tenant and Tenant’s employees, agents or contractors will cooperate with Landlord to coordinate the performance and completion of the Landlord’s Expansion Work concurrently with Tenant’s Exp...
Expansion of Premises. Provided that the demising wall is erected in the location specified on Exhibit A attached hereto, for purposes of calculating Fixed Monthly Rent and Tenant’s Share the parties hereby stipulate that the Expansion Premises contains approximately 9,271 square feet of Rentable Area and approximately 7,836 square feet of Usable Area. As of the Expansion Date, the definition of the Premises shall be revised to include both the Existing Premises and the Expansion Space, and wherever in the Lease the word “Premises” is found, it shall thereafter refer to both the Existing Premises and the Expansion Space together, as if the same had been originally included in said Lease, subject to the terms and conditions of this First Amendment. Landlord and Tenant agree that a recalculation of the Usable Area of the Expansion Space shall be made after the Expansion Date by ▇▇▇▇▇▇▇▇▇ Systems, Inc., an independent planning firm, using the 2010 ANSI/BOMA Standard set forth collectively by the American National Standards Institute and the Building Owners and Managers Association (“ANSI/BOMA Standard”), as a guideline, and that Landlord is utilizing a deemed add-on factor of 18.31% to compute the Rentable Area of the Expansion Space. Tenant and Landlord agree to document the revised Usable Area as documented by ▇▇▇▇▇▇▇▇▇ Systems, and the other matters specified below that will be determined upon such Usable Area being confirmed, in the Memorandum (as defined in Section 4 below). Landlord and Tenant further agree that the Rentable Area of the Expansion Space shall be calculated on the basis of 1.1831 times the estimated Usable Area, regardless of what actual common areas of the Building may be, or whether they may be more or less than 18.31% of the total estimated Usable Area of the Building, and is provided solely to give a general basis for comparison and pricing of this space in relation to other spaces in the market area. Landlord and Tenant further agree that once the Rentable Area and Usable Area of the Expansion Space have been determined as specified hereinabove, even if later either party alleges that the actual Rentable Area or Usable Area of the Expansion Space is more or less than the figures stated herein; and whether or not such figures are inaccurate, for all purposes of the Lease, the Rentable and Usable figures agreed upon shall be conclusively deemed to be the Rentable Area, or Usable Area of the Expansion Space, as the case may be. Notwithstanding any adjustment ...
Expansion of Premises. From and after “the Expansion Commencement Date” the Premises shall be expanded by adding the 4th Floor Expansion Space thereto (consisting of approximately 21,068 rsf in the 4th Floor Expansion Space of the Building for a new total of rentable square footage in the entire Premises of 38,194 rsf). The Expansion Commencement Date shall be the earlier of (a) June 1, 2007, or (b) the date Tenant commences business in the 4th Floor Expansion Space.
Expansion of Premises. Concurrent with the execution of this Amendment, Landlord closed on the purchase of certain real property located in Perth, New York (collectively, the “Additional Parcel”), as more particularly described in that certain Purchase and Sale Agreement and Joint Escrow Instructions dated August 31, 2021, by and between Landlord and Tenant (the “Additional Parcel Purchase Agreement”). Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord, the Additional Parcel pursuant to the terms and conditions of the Lease. Accordingly, effective as of the Amendment Effective Date, Exhibit A to the Existing Lease is hereby deleted in its entirety and replaced with Exhibit A to this Amendment, and all references in the Lease to the “Premises” shall mean and refer to the real property described on Exhibit A attached to this Amendment, including the Buildings, shafts, cable runs, mechanical spaces, rooftop areas, landscaping, parking facilities, private drives and other improvements now or hereafter located thereon and appurtenances related thereto for use by Tenant in accordance with the Permitted Use.
Expansion of Premises. Subject to and upon the terms, provisions and conditions hereinafter set forth and each in consideration of the duties, covenants and obligations of the other hereunder, Landlord does hereby lease to Tenant and Tenant does hereby lease from Landlord an additional approximately 19,506 square feet of Net Rentable Area consisting of the entire sixth (6th) floor of the Building (the “Expansion Premises”) and more particularly shown on the floor plan of the Expansion Premises attached hereto as Exhibit A and incorporated herein by reference. From and after the Effective Date, Landlord and Tenant hereby stipulate and agree that, for all purposes under the Lease, the Leased Premises (as defined in the Lease) shall be comprised of the Existing Premises and the Expansion Premises and shall contain approximately 108,062 square feet of Net Rentable Area. Except as otherwise expressly set forth herein, the terms of the Lease shall apply to the Leased Premises as including both the Existing Premises and the Expansion Premises.
Expansion of Premises. (a) First Expansion Space (Suites 1620, 1635 and 1640). Commencing on May 1, 2004 (the “First Expansion Space Commencement Date”), the Premises shall be expanded by approximately 6,189 rentable square feet in Suites 1620, 1635 and 1640 in the location identified on Exhibit A attached hereto (the “First Expansion Space”).
(b) Second Expansion Space (Suites 1625 and 1630). Subject to potential delays as described in the next sentence, commencing on March 1, 2005 (the “Second Expansion Space Commencement Date”), the Premises shall be expanded by approximately 3,097 rentable square feet in Suites 1625 and 1630 in the location identified on Exhibit A attached hereto (the “Second Expansion Space”). Tenant may, by written notice to Landlord at least six (6) months prior to March 1, 2005, request that Landlord delay the Second Expansion Space Commencement Date on a month-to-month basis by (1) extending the existing lease in Suite 1630 on a month-to-month basis and (2) delaying construction of the new/relocated Building conference room which is currently located in Suite 1625. If timely requested by Tenant, Landlord shall make reasonable efforts to delay the Second Expansion Space Commencement Date through the two methods identified in the preceding sentence. If Landlord is able to delay the Second Space Commencement Date, then the Second Expansion Space Commencement Date shall be delayed on a month-to-month basis until the first to occur of (i) the expiration of the month-to-month extension of the existing lease in Suite 1630, or (ii) forty-five (45) days after Tenant notifies Landlord in writing that Tenant elects to discontinue the month-to-month extension of the Second Expansion Space Commencement Date. If the Second Expansion Space Commencement Date is extended pursuant to the provisions contained in this subsection, then upon the final determination of the actual Second Expansion Space Commencement Date Landlord and Tenant shall confirm the actual Second Expansion Space Commencement Date in writing.
Expansion of Premises. On the Expansion Date, Landlord agrees to deliver and lease the Expansion Area to Tenant and Tenant agrees to accept and lease the Expansion Area from Landlord. Thereafter, the Premises governed by the Lease will be the Revised Premises, including, for all purposes, the Initial Premises and the Expansion Area, which totals 58,313 Rentable Square Feet.
Expansion of Premises. Upon the exercise of such expansion option, Landlord and Tenant shall enter into a written agreement modifying and supplementing this Lease and specifying that the Expansion Space is part of the Premises under this Lease and containing other appropriate terms and provisions relating to the addition of the Expansion Space to this Lease.
Expansion of Premises. Effective September 1, 2012, the leased premises are expanded to include the 1,061 square feet known as ▇▇▇▇ ▇/▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, which is located one floor below the existing offices of tenant.
Expansion of Premises. If, during the Term of this Agreement, the City finds that arrangements that warrant additional food & beverage facilities are required for the good of the traveling public, the City, upon approval of the Board, may negotiate for the operation of said facilities. Only concessionaires with existing food & beverage operations in the terminal where the planned facility will be located will be invited to participate in the competitive solicitation process. Following the competitive solicitation process, LAWA will select a concessionaire deemed most qualified to operate the planned concept. If Concessionaire is selected and City and Concessionaire have not entered into an agreement within one month of City’s notice that such potential unit location is available, City may offer said concession rights to other concessionaires. Improvements made by Concessionaire as a result of said expansion shall be subject to the buy-out provisions of Section 9.1.1. the same as if they were made within an original premises hereof. Net Book Value protection will extend to the undepreciated value of any additional new facilities required. Requirements for approval and reporting will be the same as for initial facilities and the depreciation schedule shall be the same provided that such facilities are not temporary.